企业并购中目标企业价值评估贴现现金流量法探讨

On the Discussion about the Flow Law of the Discount Cash of the Value Assessment of Target Enterprise in the Merger

企业并购是实现企业扩张的重要途径,它比通过企业内部积累来扩大再生产更有效、更快捷,但 风险也更大。特别是企业并购过程中对目标企业的价值评估准确与否,对企业并购成败起关键作用。文章着重 介绍贴现现金流量评估模型及使用方法、确定了模型中各参数的计算方法以及目标企业价值的估算方法等内 容,并对评估结果进行敏感性、风险性分析,以期评估结果更客观、更有效、更具指导作用。

As an important way to italize expansion of enterprise merger, through the internal accumulation of enterprise, is more effective and swifter in enlarging reproduction, but the risk is greater. It plays a key role whether the value assessment of target enterprises in the merger is accurate or not. This article mainly introduces the model of the flow of discount cash the way of use. It defines the counting way of different paramenter of the modal and the value assessment of target enterpnists and so on. It also analyses the sensitivesness and risk of assessment result in order to make the assessment result more objective, more effective and more instructive.